According to offshore engineering reports, oil prices, supported by OPEC-led production cuts, are close to a high of nearly $67 per barrel in 2019, although rising oil prices are constrained by concerns that slower economic growth may affect demand.
Oil supply restrictions led by OPEC helped crude oil prices rise by more than 20% this year. U.S. sanctions against OPEC members Iran and Venezuela have also tightened markets.
| Melamine |
Brent crude fell 21 cents to $66.29 a barrel at 1249 GMT, not far from Monday’s 2019 high of $66.83. U.S. crude oil prices rose 44 cents to $56.03.
Harry Tchilinguirian, global head of commodity market strategy at BNP Paribas, said: “The market is slowly restoring its bullish base under the influence of economic risks associated with trade negotiations between the United States and China.”
Demand-side concerns remain a major drag on prices. HSBC Holdings warned on Tuesday that the slowdown in China and the UK will create more obstacles this year.
| Sodium Molybdate |